Essential Book Keeping - Qp8

8 Questions | Total Attempts: 39

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Essential Book Keeping - Qp8

Questions and Answers
  • 1. 
    The day books are the place where transactions are initially recorded as soon as they take place.
    • A. 

      True

    • B. 

      False

  • 2. 
    A journal or day book does form part of the double entry system.
    • A. 

      True

    • B. 

      False

  • 3. 
    Is [your statement here] true or false?
    • A. 

      True

    • B. 

      False

  • 4. 
    A ______ book details all the credit sales of a business during a period of time.
    • A. 

      Journal

    • B. 

      Prime entry

    • C. 

      Sales day

    • D. 

      Purchase day

  • 5. 
    The Sales Day Book is used to control customer credit and monitor VAT output tax.
    • A. 

      True

    • B. 

      False

  • 6. 
    The purchase day book is used to record any purchases the business makes, including purchases of raw materials that will form stock items.
    • A. 

      True

    • B. 

      False

  • 7. 
    A purchases day book is also used to calculate the amount of input VAT reclaimable in a period.
    • A. 

      True

    • B. 

      False

  • 8. 
    The three returns books detail all returns of goods to the business and those made by the business.
    • A. 

      True

    • B. 

      False

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